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Dogecoin, the most famous meme coin, has seen its price drop rapidly in recent months. He is not alone: the entire cryptocurrency industry is in decline right now. But unlike bitcoin and other cryptocurrencies, it is not certain that Dogecoin will recover.
The beginning of 2022 is not easy in the cryptocurrency market. Major cryptocurrencies are experiencing sharp declines: bitcoin is down 2.57% in 24 hours on Jan 7, 2022, l’Ethereum is down 5.56%, and Binance Coin is down 4.63%.
This trend can be seen across the cryptocurrency industry. But among them, Dogecoin is particularly attracting attention. Born out of a joke and popularized by Elon Musk, Dogecoin has seen its value explode in the last year, thanks to tweets from the Tesla boss. The price of this “coin-meme” is, however, now in free fall, and nothing says it will ever rise.
Dogecoin was not designed to be successful or to make headlines. Basically, it's the brainchild of two engineers, who embarked on the project in 2013. currency isn't really useful in itself: unlike other blockchain-backed coins, Dogecoin, whose aesthetic is inspired by doge's meme, doesn't have a purpose. or clear benefit. That was also the original desire of Billy Markus, one of the creators: to make a fun cryptocurrency, as Wikipedia explains. The Doge thus became the first “meme coin”, an expression that designates the coin inspired by memes.
However, Dogecoin increased in value in 2021 unexpectedly thanks to Elon Musk. Because the Tesla boss, very active and followed on Twitter, is a big fan of cryptocurrencies and let his fans know. On multiple occasions, he has shared jokes and references to Doge to his more than 69 million followers — including at one point in his Twitter bio that he was the former CEO of the cryptocurrency.
mundophone
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